September 17th, 2012 Categories: Market Updates
Twenty-one homes closed in the 20715 zipcode of Bowie during August 2012, down over 22% from August 2011. In fact, sales were down 25% from last month. Disappointing sales numbers, but new contracts were up, as you can see from the August snapshot of real estate activity in Bowie.
Median and average home prices ($240,000 / $236,776) were stable, when measured against August of last year, but up about 2% from July of this year. I think we can expect Bowie home prices to hold their own in the coming months due to a shrinking inventory of homes for sale.
Average days on market for closed sales (61) were down significantly (46%) from last year and nearly 12% from the July 2012. This is a ray of sunshine for home sellers in the 20715 zipcode.
To put all this information into perspective, take a look at the snapshot of Bowie real estate activity in August this year compared to recent years. No arguing with the numbers… the real estate market is more active than we’ve seen in a long time, in spite of lower closed sales
Home Sellers: Location, list price, and property condition are the three primary factors influencing home sales. It’s more important than ever to make sure your home is uncluttered, clean, updated, and in good repair before you put it on the market. I highly recommend professional staging and photographs, as well, to showcase your home at its best online and in print media. If you’re unwilling or unable to get your home into “top” condition for selling, don’t expect to get top dollar.
Home Buyers: Bowie is still affordable for first-time home buyers with today’s low 3.25% interest rate. Low down payment loan programs are available (95% Conventional loans and 96.5% FHA loans, not to mention zero-down VA loans) and many sellers will provide closing help. Prices are not escalating yet, so this really is a GREAT time to buy a Bowie home.